Cayman Monetary Regulatory Authority International Fines Artex Risk Solutions (Cayman) Limited CI$95,409.11

The Cayman Monetary Regulatory Authority International ("the Authority") has levied discretionary administrative fines totalling CI$95,409.11 on Artex Risk Solutions (Cayman) Limited ("the Company") in accordance with sections 42A and 42B of the Monetary Authority Act (2020 Revision) and the Monetary Authority (Administrative Fines) Regulations (2022 Revision) ("the Regulations").

The fines were imposed for the following violations:

1. Knowingly or wilfully providing false or misleading information to the Authority in connection with an application made on behalf of a managed insurance company at the relevant time.
2. Receiving information about a material change in a managed insurance company’s business that was not reported to the Authority and failing, in the capacity of insurance manager, to report this material change to the Authority.
3. Becoming aware or suspecting that a managed insurance company was conducting or attempting to conduct business in non-compliance with the Insurance Act, 2010 or the Regulations, and failing to report this to the Authority as required.

The breaches pertain to conduct that took place between 2020 and 2021.

The Authority reminds licensed Insurance Managers of their ongoing legal obligation to report any unauthorised material changes in the business plans of insurance companies under their management, as well as any other instances of non-compliance with legal and regulatory requirements, to the Authority.